advice

More than a third of homeowners predict they will be nearing retirement before they own their own home, new research suggests.

Responding to a One Account survey, 36 per cent of homeowners predicted they would be at least 60-years-olds before they paid off their mortgage.

A further 20 per cent didn\t expect to fully pay off their mortgage until some time in their 50s, with many also complaining that mortgage commitments were impeding on other areas of their life.

Just imagine as you\re going through your favourite coffee drive-thru this week that a well-dressed gentleman stops and offers you $11,000 for your medium double double. Who would hesitate? We\d take the cash. It\s not so far-fetched. In fact, if you take that coffee budget and apply it to your monthly mortgage payment a mere $30 extra per month -you could save yourself about $11,000 over the life of your mortgage.

For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. The mortgage world - like the investment world - can sometimes be confusing. There is a vast array of choices - open, closed, fixed, floating, long or short amortization, prepayment options, portability... and of course, the rate itself.

Forget everything you thought you knew about the benefits of taking a variable-rate mortgage instead of locking in for the long term.

A new study suggests the security of a five-year mortgage costs little or nothing beyond a riskier variable-rate mortgage, providing you get a jumbo-sized rate discount.

"Interest costs on discounted closed five-year mortgages have been close to, and often lower than, those of variable-rate mortgages since late 1996," senior Canada Mortgage and Housing Corp. economist Ali Manouchehri writes in the study.

Question: "What\s the biggest financial investment most Canadians will ever make?"

Okay, that may have been an easy one if you read the headline of this column. For most Canadians, their home is their biggest investment - and their most powerful financial tool.

It\s odd - given the importance of the mortgage decision - that many homebuyers will spend much more time deciding on which mutual funds they should invest in... or even which sofa to buy... than on which mortgage will best meet their needs.

Many people treat their homes as a sanctuary, a comfort zone where they can shut the world out and just be themselves. But although more and more people would rather stay in their abode longer than they need to, there are many reasons to consider in determining whether it\s better to stay or move forward. If you\re contemplating if it\s the right time to sell your house, the following reasons may help you decide better.

Buying a home whether it\s the starter type or your third real estate property is never easy. It is tedious, entails a lot of effort and takes time. But it is also an exciting time when you\re looking for one that suits your current need or want.

Credit cards always seem like a good idea at first. Even if you\ve been burned in the past, when money gets tight, the shiny plastic rectangles seem like the perfect quick fix for any situation. Whether it\s over-the-top finance charges, unheard of rates, or identity theft, there are a number of ways for that quick fix to turn into a long nightmare.

The term CD stands for Certificate of Deposit. A CD is simply a short- to medium-length investment. They are FDIC insured and are available for purchase at banks, credit unions, and savings and loans. CD\s are a good way for some consumers to get higher interest rates on their money, but there are some issues associated with them that consumers should know about before signing up for one.